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Reuters — A U.S. judge on Friday barred Martin Shkreli from the pharmaceutical industry for life and ordered him to pay $64.6 million after he famously raised the price of Daraprim and fought to block generic competitors.
U.S. District Judge Denise Cote in Manhattan ruled after a trial where the U.S. Federal Trade Commission and seven states had accused Mr. Shkreli, the founder of Vyera Pharmaceuticals, of using illegal tactics to keep Daraprim rivals out of the market.
Mr. Shkreli drew notoriety in 2015 after hiking Daraprim's price overnight to $750 per tablet from $17.50. The drug treats toxoplasmosis, a parasitic infection that threatens people with weakened immune systems.
In a 130-page decision, Judge Cote faulted Mr. Shkreli for creating two companies, Vyera and Retrophin Inc, designed to monopolize drugs so he could profit "on the backs" of patients, doctors and distributors.
She said the Daraprim scheme was "particularly heartless and coercive," and a lifetime industry ban was needed because of the "real danger" that Mr. Shkreli could become a repeat offender.
"Shkreli's anticompetitive conduct at the expense of the public health was flagrant and reckless," the judge wrote. "He is unrepentant. Barring him from the opportunity to repeat that conduct is nothing if not in the interest of justice."
Neither Mr. Shkreli's lawyers nor the FTC immediately responded to requests for comment. The nonjury trial was held last month.
Mr. Shkreli is serving a seven-year prison sentence for securities fraud. He did not attend the trial.
Vyera was founded in 2014 as Turing Pharmaceuticals, and acquired Daraprim from Impax Laboratories Inc in 2015.
Regulators accused Vyera of protecting its dominance of Daraprim by ensuring that generic drugmakers could not obtain samples for cheaper versions, and keeping potential rivals from buying a key ingredient.
The seven states joining the FTC case included California, Illinois, New York, North Carolina, Ohio, Pennsylvania and Virginia.
(Reuters) — A federal appeals court upheld the conviction and seven-year prison term of Martin Shkreli, the pharmaceutical executive known as "Pharma Bro," for defrauding investors in his hedge funds and conspiring to manipulate the stock of Retrophin Inc., a biotechnology company he ran.